A consistent audit trail is created and used to link the reconciled inventory file with the existing fixed asset accounting records. Within the audit trail, which is accumulated within an MS Excel file, we assign a transaction code to each item.

The transaction code identifies the actual disposition of each asset (Reconciled, Transferred Offsite, Disposed, etc.). Each line item on the fixed asset accounting record will receive a transaction code to link it to the reconciled inventory file.

At the conclusion of the effort, Verasset provides the audit trail (MS Excel file) and several specific reconciliation reports as defined below:

Reconciled assets – Items found during the inventory process and traced to the fixed asset accounting records

Unrecorded additions – Items found during the inventory process but not found in the fixed asset accounting records

Unrecorded retirements – Items found in the fixed asset accounting records but not found during the inventory process

In addition to the auditable MS Excel spreadsheet, Verasset produces a formal written reconciliation report that describes the process, findings, and recommendations in full detail.